Posts Tagged ‘default’

A Tale of #GreekDebt

February 13, 2015

A New swelling of national Debt, in a country as old as the hills

compels northern EU partners to halt Greece’s spending thrills.

So they bind up Hellenic budgets with a cord called Austerity;

It’s the only way, they say, to get back to Euro-prosperity.

A few years down the road, and Greece is really hurting;

the Greeks are sighing, even crying: this Austerity’s not working.

We need our jobs back; we’re tired of all these layoffs,

Just give us something Greek to do besides supplying EU payoffs.


Now along comes a liberator, a homegrown politician,  Alexis Agonistes.

He’s got homegrown renown and resolve unbound, to set free the Economy of Greece.

Chosen by the Austere-stretched people of that ancient Hellenic polity,

Alexis steps up to the mike to strike, and dispose of austerity.

With his fearless finance guy, Yanis the Untamed, standing at his side,

bold Alexis tells all the Eurocrats it’s time to let the Greek debt slide.

Growth is what we need, says he, invoking the holy grail of the economic world.

Just release this Troika bondage, and scrap these EU rules. Let Greek flags fly unfurled!


You’ve worn us out with repayment plans, and schedules without end.

Let us do the hire and fire; we’ll pay you when we can,

‘Cause we’re Syriza ’bout strong labor, wages and good jobs for our nation,

And we will rescue our Hellen from your Troyka domination!


Now the Germans told the Belgians and the Brits told the French,

Beware Greeks bearing debts; they’ll sink our Euro inch by inch.

But here’s the message from Syriza, and it surely isn’t funny:

Beware the Troikan horse, and Europeans demanding money.


Glass Chimera

Oh, how they do kick the can down the road, sir.

July 24, 2011

Kickest thou the can
down the road, sir?
That I do, sir.

Doest thou continually kick the can
down the road, sir?
That I do, sir!

Why kickest thou the can so obsessively
down the road, sir?
That I do, but, but

Everybody said:
kick the can
down the road, sir.
Everybody complained
somebody keeps kicking the can
down the road, sir.
Everybody opined
those guys shouldn’t be kicking that dam can
down the road.
Everybody asked
why do they continue to kick that can
down the road?

Then one day the road
ended at a cliff, sir.

Everybody said:
don’t kick the can
over the cliff, sir.
Everybody complained
somebody wants to kick the can
over the cliff, sir.
Everybody opined
Nobody should kick that dam can
over the cliff.
Everybody asked
why do they–

There it goes!

Who?! What?!Whoa!
It landed  on the road below!
But  then everybody saw
some fool, what a toad!
still kicking the can
down the road!

Everybody asked
how doeth he still kick that can
down yonder road, sir?
I kid you not; ’tis true,
and Life goes on down the road, sir, down the road.
Can you?

Glass half-Full

The Horizon of Deepwater (a prose gusher)

June 28, 2011

In the fall of 2008, the Treasurer of the United States, Henry Paulson, convinced the President and the Congress to bail out the financial industry so that the whole damn system of passing money and electrons around would not fall apart.
So Mr. Bush, with legislative help from the Reps and the Senators, injected seven or eight hundred billion of public money into the big banks and the big crap-shooting insurer that backed up those banks, along with the two huge quasi-public mortgage underwriters. At least that’s the way this taxpayer remembers it. Help me out here if my facts are a little amiss.
At the time, those powers that be had convinced us, in the frenzied imminent panic of falling markets and a deflating housing industry, that the entire structure of the way we do business in America and even beyond America would fall apart at the seams if we didn’t meet Mr. Paulson’s recommendations.
Of course we’ll never know if that universal implosion of American business and international commerce would have happened or not. The banks got their money, and we are still in a big mess, although not a catastrophic one as big as it might have otherwise been haha. We’ll never know. Instead of the sky falling on us with incalculable damage, we have been  able to creep through a couple of lean years in which the ever-present spectre hound of the double-dip has been constantly at our heels, baying for blood or possibly just for red ink, which looks like blood. These days, who knows the difference between any real thing and its hyped-up digitized alter-ego.
Now we’ve come full circle, and have got the same situation over again, except this time its not Hank having fits, but the chicken-littles who warn us of that debt ceiling bogey beast that will devour our already-suspect financial stability and digest it, and then egest our fiscal credibility with overly-copious liquidity in turds not easily disposed of.

A little greece carefully applied will move things along nicely.

Meanwhile, the ratings agencies, the Moody, S&P and the Fitch, are making their obligatory noises of warning, walking their own wire of credibility while keeping fingers in the air to see which way the wind will blow.
Where were those rating agencies in 2008? What were they doing when they should have been sounding the alarms about derivatives and CDS and MBS and CDOs? Same as what they’re doing now–waiting to see which way the wind will blow to tip or not tip over our unwieldy bowl of  cards, 2011 version.
So now, if those stubborn, ole fashion Repubs in Congress relent and allow the Dems and themselves  to keep flushing paper and electronic dollars while running both the deficit and the debt ceiling into deepwater default–what will happen then, huh?
We’ll never know. When they’ve made their deal and then the Fed and Treasury have a new batch of paper and electrons to swish around  in the bowl of toil, we’ll never know what torrent of troublesome irresponsibility has have been flushed down into that great poseidon-adventure pipeline that dumps its dootee out who knows where, the ocean or somewhere, probably some unstoppable severed pipline a hundred miles off the gulf coast. We’ll never know. But at least we’ll still have money to play with, just like in 2008, and we can stay in the game with the blessings of the bondholders. Flush on!

Glass Chimera

Let the chips fall as they may.

June 24, 2011

So now Senator Cantor has withdrawn from the fiscal peacemaking committee, so-called gang of six. And I hear also that Senator Kyl is withdrawing as well. I also remember, it seems, that a few weeks ago Senator Coburn withdrew from those negotiations.

It appears that the Mr. Vice President Biden’s noble efforts to retrieve Congressional responsibility have smashed upon the rocks of stubborn politics and a hard place of arithmetical reality.

The Dems say that the Repubs are protecting their precious millionaires and billionaires. The Repubs say the buck has to stop somewhere.

There is no easy way out of this mess. We might as well default, and let the blue chips fall as they may. The red and the white chips too.Then we can pick up the pieces and start over.

Glass Chimera